Home Highlights July 2014 Year 2014 This

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1. Addition u/s 41(1) - amount ceased to be a liability - The amounts paid as tax has not been obtained in 1995- 96 as the same had not been refunded. Until the amount of...

2. Refund of service tax - amount have been deposited by mistake - Form 26AS, VAT-41, copies of challans and copies of running bills prepared by the Housing Board showing...

3. Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

4. Refund claim - appellant, a 100% EOU - refund claim of service tax paid by them, as per the provisions of Notification No. 41/2007-ST - Appeal by revenue against order...

5. Addition u/s 41(1) - interest waived by the Bank - The appellant contended that the waiver of liability by the bank should not be chargeable to tax under Section 41(1)...

6. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

7. Preponement of deferred sales tax loan chargeable u/s 41(1) or not – deferred sales tax liability is capital receipt not taxable - AT

8. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

9. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

10. Addition made u/s 41(1) - Cessation of Liability u/s 41(1) - assessee has never claimed these expenses in its return of income - when no claim has been made by the...

11. Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of...

12. Refund claim - N/N. 41/2007-ST dated 06/10/2007 - the refund of Service tax is available in spite of claiming drawback - AT

13. Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very...

14. Addition u/s 41(1) - benefit by way of remission or cessation of liability - In the instant case, the first mentioned person is the assessee, but not the creditor. In...

15. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...